RFG said it was downgrading its forecast after finalising a new Master Franchise Agreement for Crust and Donut King in the United Kingdom. Due to a variation in commercial terms, revenue from the franchising arrangement will be included in RFG’s full year FY18 results, but not its first half results.

“Accordingly, together with further consideration of additional transactional matters impacting 1H18, RFG now expects its statutory NPAT for 1H18 will be less than the $22.0m advised on 19 December 2017,” RFG said in its guidance update.